segunda-feira, 8 de fevereiro de 2010

quarta-feira, 3 de fevereiro de 2010

Os limites da análise financeira quantitativa

How A New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It
By Scott Patterson
Twenty-five years ago, the quintessential Wall Street trader was a brash, ballsy risk taker whose actions were motivated by gut instinct and social connections. But in the decades since, the proverbial “gut trader” has been supplanted by a new breed of investor, elite math geniuses—ex-cryptographers, physicists, and game theorists—who’ve swapped old-style hunches for complicated algorithms and supercomputers. Scott Patterson’s forthcoming book: The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It (Crown Business; On sale: February 2, 2010) chronicles the story of the quants’ rise, their near-death experience, and their possible against-all-odds resurgence. The “quants” have become the masters of the Wall Street universe, although their grip on power has grown precarious due to their role in setting off a chain of events that nearly destroyed the world’s financial markets.
THE QUANTS profiles the incredible upward ascent of four of the quant elite’s most swashbuckling figures—Peter Muller, Ken Griffin, Cliff Asness, and Boaz Weinstein—men who believed that a dizzying, indecipherable-to-mere-mortals cocktail of differential calculus, quantum physics, and advanced geometry held the key to reaping riches from the financial markets. These men also created a digitized money-trading machine that could shift billions around the globe with the click of a mouse. For a while it seemed as though they’d continue earning gargantuan paydays forever. Then came the day the numbers turned against them. . . .
Drawing on unprecedented access to these four number-crunching titans, Patterson tells the inside story of what these men felt in the days and weeks when they helplessly watched much of their net worth vaporize—and wondered just how their mind-bending formulas and genius-level IQ’s had led them so wrong, so fast. Had their years of success been dumb luck, a good run that could come to an end on any given day? What if the Truth they sought—the secret of the markets—wasn’t knowable? Worse, what if there wasn’t any Truth?
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terça-feira, 2 de fevereiro de 2010

Moeda e o Estado Nacional - O papel de instituições monetárias em provocar crises

The Financial Revolution, Government and the World Monetary System

Edited by Kevin Dowd, Richard H. Timberlake, Jr.
Foreword by Merton H. Miller

Are monetary and banking problems due to a few misguided policies or incompetent managers? Or are there fundamental flaws in monetary and financial institutions, principally central banks and the legal and monetary frameworks that accompany them?
In this comprehensive book, seventeen distinguished scholars examine the history of modern monetary and banking arrangements, their major problems, and possible reforms. They also explore how political interference in monetary institutions has undermined economic stability and prosperity and produced international conflict as a by-product. They show how monetary nationalism—the promotion of the monetary goals of the nation state—necessarily invites economic discoordination because it interferes with the equilibrating operation of market forces.
The authors also outline the reforms necessary to create monetary, financial, and banking systems free of the episodic inflation, devaluation, debt crises, and exchange rate volatility that have plagued the twentieth century.
This book is an invaluable resource for scholars, students, policy makers, business leaders, and everyone interested in economic progress.
Detailed Summary